Gas prices could drop another dime this month

Drivers across the Mid-Atlantic region continue to see lower gas prices as Gulf Coast refineries move toward full production, Wilmington-based AAA Mid-Atlantic reported.

Delaware’s average gas price fell seven cents a gallon over the past week, with one station in the Newark area posting a $2.10 price.

At the close of  trading Friday, West Texas Intermediate (WTI) crude oil settled at $49.29 per barrel, $2.38 lower than the previous week’s closing price.

Oil prices hovered around the $50 mark most of the week on talk of an extension for a deal to cut output, a larger-than-expected decrease in U.S. crude supplies  and concerns over potential damage caused by now Tropical Storm Nate in the Gulf of Mexico.  However, fall gasoline demand may not be enough to drain high U.S. oil inventories.

“Motorists expect gas prices to be cheaper in the fall than they were during the summer months, but that’s not the case this year due to hurricanes affecting refining and production capacity in the Gulf Coast,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “While gas prices are higher than we’d like to see, they will continue to decline and could drop by 10 cents in October.”

Hurricane Nate, now downgraded to a Tropical Storm, brought high winds and flooding across the Gulf Coast region overnight.

The U.S. Bureau of Safety and Environmental Enforcement reported evacuations from 301 oil platforms and 13 rigs as of Saturday.   Any interruption to refining and production capacity could halt recent gas price declines.

•  For the gas price in your area, check out the AAA’s Fuel Price Finder, (http://www.AAA.com/fuelfinder).